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Bretton Woods 2.0: Soros New World Order Conference - by Stephen Lendman
In July 1944, 730 delegates from 44 nations met at the Mount Washington Hotel in Bretton Woods, NH for a UN Monetary and Financial Conference. Its purpose was to establish a post-war international monetary system of convertible currencies, fixed exchange rates, free trade, the US dollar as the world's reserve currency linked to gold, and those of other nations fixed to the dollar.
It also designed an institutional framework for market-based capital accumulation to assure newly liberated colonies would pursue capitalist economic development beneficial to victorious allies, mainly America.
In addition, the IMF and World Bank were established to integrate developing nations into the Global North-dominated world economy, using debt entrapment as the way to transfer their wealth to powerful Western bankers.
The scheme to this day obligates indebted nations to take new loans to service old ones, assuring rising indebtedness and structural adjustment harshness, including:
-- privatization of state enterprises;
-- mass layoffs;